Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,000. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $3,000 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint. The $728 includes a 4% sales tax of $28.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the cash received for gift cards. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal > 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Deferred revenue